USDJPY – The double zigzag is coming to an end

09.02.2024

Buyers decided not to postpone things for later and resumed their activity. As a result, the prolonged correction, which was expected, did not happen, the price began to grow and updated the current local maximum. Probably, this is how the development of the final wave y of (ii) in the double zigzag started.

Then the price may rise a little more in the near future, after which the reversal will take place and the next bearish cycle will begin.

If the upward movement continues and the price updates the indicated maximum, the current wave scenario will be canceled and there will be a need to consider an alternative option.

In this situation, it is recommended to wait for the appearance of a sell signal, which is likely to be formed next week.

Recommendations: flat.